This Agreement covers the rights and responsibilities of both you and South
Florida Educational Federal Credit Union (Credit Union). In this Agreement,
words “you” and “yours” mean anyone who signs a Signature Card. The
“account” means any one or more share or other accounts you have
Credit Union. The classification and form of ownership of your
account is set forth
on your Signature Card. By signing a Signature Card,
each of you, jointly and
severally, agree to the terms and conditions in this
Agreement, Signature Card,
Share Account Information brochure, Electronic Funds Transfer Disclosure, if
applicable, and separate acknowledgments signed by you, the Credit Union’s Bylaws (Bylaws) and Policies, and
any amendments of these documents from time to time which collectively
govern your Membership and Accounts.
When you sign the Signature Card, receive the Membership and Account
Agreement, Share Account Information brochure and Electronic Funds
Transfer Disclosure (if applicable), you jointly and severally enter into a
binding contract with the Credit Union. This means that you should read and
retain a copy of all Agreements, Disclosures and Schedules and feel free to
ask any questions about them. The Accounts are governed by all the
referenced disclosures as well as by state and federal laws and regulations.
Membership Eligibility - To be eligible for membership, you must be an
individual or entity qualifying within the Credit Union’s field of membership
and must purchase and maintain at least one share (the “membership share”) as required by the Bylaws.
Membership at the Credit Union should not be considered an employment benefit. You authorize the Credit Union to
check your account, credit, employment history and obtain a credit report from
third parties, including credit reporting agencies, to verify your eligibility for
the accounts and services you request.
Account Ownership - The Credit Union reserves the right to refuse
some forms of ownership on any or all accounts. The Credit Union makes
no representations as to the appropriateness or effect of the ownership and
beneficiary designations, except that they shall determine to whom we pay
the account funds.
- Single Party Accounts - A single party account is an account owned
by one member including any individual, association or other organization
qualified for Credit Union membership. If the account is a single party
account, the interest of a deceased individual owner will pass, subject to
applicable law, to the decedent’s estate or account beneficiary, subject to
other provisions of this Agreement governing our protection for honoring
transfer and withdrawal requests of a member/owner or owner’s agent
prior to notice of an owner’s death.
- Multiple Party Accounts - An account owned by two or more persons
is a multiple party account.
- Rights of Survivorship - On a multiple party account, upon death of one
of the owners, that person’s interest will pass to the surviving owners.
- Control of Multiple Party Account Owners - Any multiple party account
owner is authorized and deemed to act for the other owner(s) and the Credit
Union may accept orders and instructions regarding the account, requests
for future services, and any transaction from any other account owner. Each
multiple party account owner guarantees the signature of the other owners.
Any account owner may withdraw all funds in the account, stop payment on
items drawn on an account, transfer funds in or out of your account, or
pledge to the Credit Union all or any part of the shares of any account without
the consent of the other account owner(s) and the Credit Union shall have no
duty in such event to notify any other account owner(s).
The Credit Union reserves the right at any time to require written consent of
all account owners for a change of ownership or terminations of a multiple
party account. If the Credit Union receives written notice of a dispute
between account owners or receives inconsistent instructions from them, the
Credit Union may suspend or terminate the account, require a court order to
act or require that all account owners agree in writing to any transaction
concerning the account.
- Multiple Party Account Owner Liability - If any item deposited in a multiple
party account is returned unpaid, an account is overdrawn, or if the Credit
Union does not receive final payment on any transaction, each of the multiple party account owners is jointly and severally liable to the Credit Union for
the amount of the returned item, overdraft, or unpaid amount and any
charges, regardless of who created the overdraft, deposited or cashed the
item or benefited from the transaction. If any account owner is indebted to
the Credit Union, the Credit Union may enforce its rights against any or all
funds in the multiple party account regardless of who contributed the funds
to the account.
Beneficiary/Trust Accounts - A Payable Upon Death Account (PUDA)
or trust account designation is an instruction to the Credit Union that an
account so designated is payable to the owner or owners during their lifetimes, and upon the death of the last account owner, payable to any named
and surviving beneficiary designated on your Signature Card or trust beneficiary designated on your Trust Agreement. Accounts payable to more than
one surviving beneficiary are owned jointly by such beneficiaries without
rights of survivorship. The amount paid to each beneficiary is governed by
the percentage indicated by you on the Signature Card. Any PUDA or trust
beneficiary designation shall not apply to Individual Retirement Accounts
(IRA), which shall be governed by a separate beneficiary designation. The
Credit Union shall at no time have any obligation whatsoever to notify any
beneficiary of the existence of any account or the vesting of the beneficiary’s
interest in any account, except as otherwise provided by law. The Credit
Union makes no representation concerning the legal consequences or effect
of any PUDA or trust designation, and you understand that you should
consult with your attorney if you have any question regarding the validity, effectiveness, or fitness of any such PUDA or trust designation for any purpose.
- Accounts for Minors - For any account established by or for a minor, the
Credit Union reserves the right to require the minor account to be a multiple
party account with an owner who has reached the age of majority under
state law who shall be jointly and severally liable to the Credit Union for any
returned item, overdraft, or unpaid charges or amounts on such account.
The Credit Union may make payments of refunds directly to the minor without regard to his or her minority. Unless a guardian or parent is an account
owner, the guardian or parent shall not have any right to access the account.
The Credit Union has no duty to inquire of the use or purpose of any transaction by the minor or any account owner.
Agency Designation - An agency designation is an instruction to the
Credit Union that the account owner has authorized another person to make
transactions as agent for the account owner regarding the accounts designated. The customary method used in appointing an agent is a Power of
Attorney. An agent has no ownership interest in the account or Credit Union
voting rights. The Credit Union has no duty to inquire of the use or purpose
of any transaction by the agent or ensure that the acts of the agent are for
your benefit. An agency designation is acceptable for designated transactions on single party accounts. As to multiple party accounts, in order for
an agent to handle designated transactions, the agent must be appointed by
all owners. The Credit Union has the right to review and approve any form
of Power of Attorney and may restrict any withdrawals or transfers on your
accounts. You agree not to hold the Credit Union responsible for any loss or
damage you may incur as a result of the Credit Union following instructions
given by an agent acting under a valid Power of Attorney.
Deposit Protection - Funds in your account(s) with the Credit Union are
insured by the National Credit Union Administration (NCUA) and backed by
the full faith and credit of the United States. The amount of insurance coverage you have depends on the number of accounts you have with us that are
of different “ownership.” An individual account is one unique form of “ownership”; a joint account, a beneficiary/trust account, and a self directed qualified retirement account (e.g. an IRA) are examples of some of the others.
Share insurance for a person’s self directed qualified retirement account is
up to $250,000. (An IRA is a self directed qualified retirement account as is
any account where the owner decides where and how to invest the balance.)
Share insurance for the other ownerships is at least $250,000 per interest
of the owner.
Deposit of Funds Requirements - Funds may be deposited to any
account, in any manner approved by the Credit Union in accordance with
the requirements set forth on the Share Account Information brochure.
Endorsements - You authorize the Credit Union, in its discretion, to accept
transfers, checks, drafts, and other items for deposit into any of your accounts
if they are made payable to, or to the order of, any one or more owners on the
account, whether or not they are endorsed by all payees. You authorize the
Credit Union to supply missing endorsements of any owners if the Credit
Union so chooses. If an insurance, government, or other check or draft requires an endorsement as set forth on the back of the check or draft, the Credit Union may require endorsement as set forth on the item. Endorsements
must be placed in accordance with instructions on the draft or check. The
Credit Union may accept drafts or checks with endorsements outside this
space. However, if any such endorsement or any other marking you or any
prior endorser has made on the draft or check cause any delay or error in
processing the item for payment, you will be responsible for any loss incurred
by the Credit Union due to the delay or error. For checks that exceed $1,000
and are made payable to a person not named on the account, the person not
on the account must present the check in person with proper ID or have a
financial institution guarantee their signature before the check will be accepted for deposit.
Collection of Items - The Credit Union shall not be responsible for deposits
made by mail or at an unstaffed facility until the Credit Union actually receives
them. In handling items for deposit or collection, the Credit Union only acts
as your agent and assumes no responsibility beyond the exercise of ordinary
care. The Credit Union will not be liable for the negligence of any correspondent or for loss in transit, and each correspondent will only be liable for its
own negligence. The Credit Union reserves the right to send any item for
Final Payment - All items or ACH (Automated Clearing House) transfers
credited to your account are provisional and subject to our receipt of final
payment. If final payment is not received, the Credit Union reserves the
right to charge your account for the amount of such items or ACH transfers
or both and impose a return item charge on your account. If the Credit Union
incurs any costs to collect any item, the Credit Union may apply such costs to
your account. The Credit Union reserves the right to refuse or to return all or
any item or funds transfer. The Credit Union shall have the right to charge
back against your account all previously deposited items or other items
endorsed by you that are returned to the Credit Union unpaid, regardless of
whether the amount of the item has been available for your use. We routinely re-deposit returned items.
Direct Deposits - The Credit Union may offer direct deposit options allowing
you to preauthorize deposits (i.e. payroll checks, Social Security or retirement
checks, or other government checks) or preauthorize transfers from other
accounts at the Credit Union. You must authorize any direct deposits to your
accounts by a separate authorization form. If applicable, you must notify the
Credit Union at least thirty (30) days prior to any direct deposit or preauthorized transfer if you wish to cancel or change the direct deposit or direct transfer option. Upon filing bankruptcy, if you fail to cancel any direct deposit
authorization, you instruct your employer and the Credit Union to make and
apply direct deposits in accordance with your authorization on file with the
Credit Union. If the Credit Union is required to reimburse your employer or
the U.S. Government for any benefit payment directly deposited into your
account for any reason, you agree that the Credit Union may deduct the
amount returned from any of your accounts, unless prohibited by law.
Crediting of Deposits - Deposits received at unstaffed facilities such as
night depositories will be credited on the day funds are removed and processed by the Credit Union. Items drawn on an institution located outside the
United States are handled on a collection basis only. Amounts will be credited
to your account when final payment is received. You waive any notice of nonpayment, dishonor, or protest regarding any items purchased or received by
the Credit Union for credit to your account or for collection.
Transactions by Mail - You may deposit checks by mail. You should endorse
the check being sent through the mail with the words “For Deposit Only” and
should include your correct account number and share ID underneath to ensure the check is credited to the correct account. If you do not provide the Credit
Union with instructions indicating how or where the check should be credited,
we may apply it to any account or any loan balance you have with the Credit
Union or we may return the check to you. Following your deposit, examine
your statement carefully to ensure that we received the item. Do not send
cash through the mail for deposit.
- Account Access
Authorized Signature - In order to access any account, the Credit Union
must have an authorized signature of yours on a Signature Card. The Credit
Union is authorized to recognize your signature, but will not be liable for refusing to honor any item or instruction of yours if it believes in good faith that
the signature on such item or instruction is not genuine. If you have authorized the use of a facsimile signature, the Credit Union may honor any draft
that appears to bear your facsimile signature, even if it was made by an unauthorized person. If you give your accounts’ secret access code to a third
person, you authorize the Credit Union to honor transactions initiated by the
third person even if you did not specifically authorize a particular transaction.
Access Options - You may make withdrawals or transfers from your
account in any manner which is permitted by the Credit Union (i.e. draft,
automated teller machines (ATMs), Point-of-Sale transactions (POS), Online
Banking, in person, by mail, automatic transfer, or telephone, as applicable.)
The Credit Union reserves the right to suspend or restrict any service or
privilege due to abusive treatment of Credit Union staff. If the Credit Union
accepts any draft that is not drawn on a form provided by the Credit Union,
you will be responsible for any loss incurred by the Credit Union for handling
the draft. The Credit Union may return as unpaid any draft that is not drawn
on the form provided by the Credit Union. The Credit Union may also return,
as unpaid, any draft showing a signature that does not match the signature
on file at the Credit Union, for the account on which it is drawn.
Pre-Authorized Drafts - If you voluntarily give information about your
deposit account (such as the Credit Union’s routing number and your
account number) to a party who is seeking to sell you goods or services,
and you do not physically deliver a check to the party, any debit to your
account initiated by the party to whom you gave the information is deemed
ACH & Wire Transfers - If provided by the Credit Union, you may initiate
or receive credits or debits to your account via wire transfer or ACH transfer. You agree that if you receive funds by a wire or ACH transfer, the
Credit Union is not required to notify you at the time the funds are received.
Instead, the transfer will be shown on your periodic statement. The Credit
Union may provisionally credit your account for an ACH transfer before it
receives final settlement for the transfer. You agree that if the Credit Union
does not receive final settlement for an ACH transfer, it may reverse the
provisional credit to your account or you will refund the amount to the Credit Union. When you initiate a wire transfer, you may identify either the
recipient or any financial institution by name and by account or identifying
number. The Credit Union (and other institutions) may rely on the account
or other identifying number as the proper identification, even if it identifies
a different party or institution. Wire transfers are governed by Federal
Reserve Regulation J if the transfer is cleared through the Federal Reserve.
ACH transactions are governed by the rules of the National Automated
Clearing House Association. (NACHA).
International ACH Transactions (IAT) may be subject to review and examination due to Office of Foreign Assets Control Rules and Regulations
(OFAC Rules). Settlement of IAT entries may be delayed or suspended pending the Credit Unionís review. OFAC Rules may require termination of the IAT. If OFAC Rules require termination of the IAT entry, the Credit Union may be required to place an indefinite hold on the funds
covered by the IAT. Any delay described in this paragraph is a permissible delay under the laws and regulations applicable to funds
availability in deposit accounts. In the event an IAT is delayed or terminated, the Credit Union will provide you with any notice required by NACHA Rules, OFAC Rules, or other applicable laws and regulations.
Credit Union Examination - The Credit Union may disregard information
on any draft or check other than the signature of the drawer, amount of the
item and any magnetic encoded information referred to as the MICR line
(numbers and symbols at the bottom of draft/check).
Any other instruction on the draft/check cannot be recognized by the Credit
Union because of truncation and automatic processing which is necessary
and allows the Credit Union to clear the greatest number of items at the
lowest possible cost for all members. You agree that the Credit Union does
not fail to exercise ordinary care in paying an item solely because its
procedures do not provide for sight examination of items.
Account Rates and Service Charges - The Credit Union’s payment of earnings on
your account is subject to the account rates and service charges, payment and balance
requirements as set forth in the Share Account Information brochure. The
Credit Union may apply service charges for accounts and services provided. You agree that the Credit Union may change the Share Account Information brochure at any time, and you will be notified of such changes
as required by law.
Withdrawal Restrictions - The Credit Union may permit a withdrawal only if
you have sufficient available funds in your account to cover the full amount of
the withdrawal. Share Drafts or other transfer or payment orders which are
drawn against insufficient funds will be subject to a service charge, set forth
in the Share Account Information brochure. If there are sufficient funds to
cover some but not all of your withdrawal orders, the Credit Union may allow
those withdrawals for which there are sufficient funds in any order at the Credit Union’s discretion. The Credit Union may also refuse to allow a withdrawal
in other cases. For example: any dispute between the owners about the account (unless a court has ordered the Credit Union to allow the withdrawal); a
legal garnishment or attachment is served; the account secures any obligation
to the Credit Union; any required documentation has not been presented; or
you fail to repay a Credit Union loan on time. You will be advised of the reasons for refusal if such action is taken.
Transfer Limitations - You may make transfers from your Share Savings
Account and Share Draft Checking Account to another share account of yours
or to a third party. These transfers are bound by the limitations set forth in the
Account Features and Limitations section in your Share Account Information brochure. There is no limit on the number of transactions you may make
in the following manner: (i) transfers to any loan account with the Credit Union;
or (ii) transfers to another Credit Union account or withdrawals (checks mailed
directly to you) when such transfer or withdrawal is initiated in person, by mail,
or at an ATM.
Time Accounts - Any time deposit, term share or share certificate offered
by the Credit Union is subject to the terms of this Agreement and the specific
terms and disclosures set forth on the Share Account Information brochure,
Share Certificate Disclosure and Account Deposit Receipt for each
account which are incorporated herein by reference.
Overdraft Liability - If on any day, the funds in your Share Draft Checking
Account are not sufficient to cover drafts, service charges or other items posted to your
account, those amounts will be handled in accordance with our overdraft procedures. The Credit Union’s determination of an insufficient account balance
may be made at any time between presentation and the Credit Union’s midnight deadline with only one review of the account required. The Credit Union
has no duty to notify you of an insufficient funds draft. Your account will be
subject to a charge for the item whether paid or returned as set forth in the
Share Account Information brochure. Except as otherwise agreed in writing,
the Credit Union, by covering one or any overdraft, does not agree to cover
overdrafts in the future and may discontinue covering overdrafts at any time
without notice. If the Credit Union pays a draft or imposes a service charge that would
otherwise overdraw your account, you agree to pay the overdrawn amount
immediately. Each party to any account will be jointly and severally liable for
overdrafts caused by any other party or parties to the account. In the event
that the Credit Union reasonably believes that your use of your account is abusive due to excessive checks drawn on insufficient funds, excessive activity, or otherwise, certain account privileges may be suspended or your account
may be closed.
The Credit Union reserves the right to pursue collection of previously dishonored items at any time, including giving a payor bank extra time beyond
any midnight deadline limits.
Overdraft Transfers - If the Credit Union approves a transfer of funds from
your Share Savings Account due to an overdraft, it will honor drafts drawn
on insufficient funds in your account by transferring the necessary funds pursuant to the transfer limitations set forth in your Share Account Information brochure under Account Features and Limitations. The service charge for overdraft
transfers, if any, is set forth on the Service Charges Schedule.
Courtesy Pay - The Credit Union may honor a transaction that results in an overdrawn account through the use of the Credit Unionís Courtesy Pay Protection program. Under this program, the Credit Union implements a service charge to provide for the payment of a transaction that would otherwise be returned due to non-sufficient funds (NSF). The Credit Union is under no obligation to pay every
overdraft. The service charge for such transfers is set forth in the Service Charges Schedule. You are expected to bring your account current immediately.
You may choose to opt-out of this service for check, ACH and Bill Pay transactions by contacting the Credit Union. For one-time debit card and ATM transactions, you must opt-in for this service in writing, by phone or through Online Banking. Only members in good standing are eligible for this service. The Credit Union may terminate this program for any member who fails to pay any negative balance amounts upon demand, who ceases to be considered a member in good standing, for excessive use, or at the Credit Unionís sole discretion.
Postdated and Staledated Drafts - You authorize the Credit Union to
accept and pay any draft without regard to the date of the draft even if the
draft is presented for payment before its date. You also agree not to deposit
checks, drafts, or other items before they are properly payable. The Credit
Union is under no obligation to you to pay a check or draft drawn on your
account which is presented more than six (6) months after its date.
- Stop Payment Orders
Stop Payment Request - You may ask the Credit Union to stop payment on
any draft or electronic payment you or any account owner draw upon your
Share Draft Checking Account. You may request a stop payment on Online Banking, Bank-by-Phone, by fax, by mail, or in person. The stop payment will be effective if the
Credit Union receives the order in time for the Credit Union to act upon the
order and you state the number of the account, the number of the draft, its
exact amount and the payee’s name. You understand that the exact information is necessary for the Credit Union’s system to stop the payment. If you
give the Credit Union incorrect or incomplete information, the Credit Union will
not be responsible for failing to stop payment. If the stop payment order is not
received in time for the Credit Union to act upon the order, the Credit Union
will not be liable to you or to any other party for failing to stop the payment. If
the Credit Union recredits your account after allowing a payment over a valid
and timely stop payment order, you agree to sign a statement describing the
dispute with the payee, to transfer all of your rights against the payee or other
holders of the draft to the Credit Union, and to assist the Credit Union in legal
action taken against the person.
Duration of Order - In the event of lost or stolen checks, you may make an
oral stop payment order which will lapse after fourteen (14) days unless confirmed in writing within that time. A written stop payment order will be effective
for one (1) year. A written stop payment order may be renewed in writing from
time to time. The Credit Union is not obligated to notify you when a stop payment order expires. If you confirm in writing your oral stop payment order, the
one-year period dates from the giving of the oral order. A written stop payment order for electronic payments is effective indefinitely or as directed by you.
Liability - The Credit Union may apply a service charge for each draft or payment for
which a stop payment order is requested, as set forth on the Share Account Information brochure. You may not stop payment on any cashier’s check,
teller’s check, or any other check, draft, or payment guaranteed by the Credit
Union. You should be aware that while payment of the item may be stopped,
you may remain liable to any person, including the Credit Union, who is a
holder of the item despite the stop payment order. You agree to indemnify
and hold the Credit Union harmless from all costs, including attorney’s costs,
damages or claims related to the Credit Union’s action in refusing payment of
an item, including claims of any multiple party account owner, payee, or endorsee in failing to stop payment of an item as a result of incorrect information
provided by you.
Credit Union Liability - If the Credit Union does not properly complete a
transaction according to this Agreement, the Credit Union will be liable for
your losses or damages not to exceed the amount of the transaction, except
as otherwise provided by law. The Credit Union will not be liable if: (a) through
no fault of the Credit Union, your account does not contain enough money to
make the transaction; (b) circumstances beyond the Credit Union’s control
prevents the transaction; (c) your loss is caused by your negligence or the
negligence of another financial institution; or (d) the money in your account is
subject to legal process or other claim. The Credit Union will not be liable for
consequential damages, except liability for wrongful dishonor. The Credit
Union’s actions will constitute the exercise of ordinary care if such actions
or nonactions are consistent with applicable state law, federal reserve regulations and operating letters, clearinghouse rules, and general banking practices followed in the area served by the Credit Union. You grant the Credit Union
the right, in making payments of deposited funds, to rely exclusively on the
form of the account and the terms of this Agreement. Any conflict between
oral representations by you or Credit Union employees and any written form will be resolved by reference to this Agreement and applicable written form.
Credit Union Lien and Security Interest - To the extent you owe the
Credit Union money as a borrower, guarantor, endorser or otherwise, the Credit Union has a lien on any or all of the funds in any account in which you
have an ownership interest, regardless of the source of the funds, unless prohibited by law. Without prior notice to you, the Credit Union may apply these
funds in any order to pay off your indebtedness. If the Credit Union chooses
not to enforce its lien, the Credit Union does not waive its right to enforce the
lien at a later time. In addition, you grant the Credit Union a consensual security interest in your accounts and agree that the Credit Union may use the
funds from your accounts to pay any debt or amount now or hereafter owed
the Credit Union, except for obligations secured by your residence, unless
prohibited by applicable law. You agree to hold the Credit Union harmless
from any claim arising as a result of the Credit Union’s exercise of right to repayment. All accounts are nonassignable and nontransferable to third parties.
Legal Process - If any legal action, such as a levy, garnishment, or
attachment, is brought against your account, the Credit Union may refuse to
pay out any money from your account until the dispute is resolved or may pay
out funds according to the terms of the levy. If the Credit Union incurs any
expenses or attorney costs in responding to a legal process, such expenses
may be charged against your account without prior notice to you, unless prohibited by law. Any legal process against your account is subject to the Credit
Union’s lien and security interest.
Account Information - The Credit Union will not disclose any nonpublic
personal information about you to anyone, except as permitted by law. The
Credit Union will disclose information to third parties about your account or
the transfers you make:
- As necessary to complete the transaction.
- To verify the existence or condition of your account to a third party in
accordance with applicable law, such as a credit bureau or merchant.
- To comply with a government agency or court orders.
- If you give the Credit Union your written permission.
Also upon your request, the Credit Union will inform you of the name and
address of each credit-reporting agency from which the Credit Union
obtains a credit report in connection with your account.
Name or Address Changes - It is your responsibility to notify the Credit
Union upon a change of address or change of name. The Credit Union is only
required to attempt to communicate with you at the most recent address you
have provided to the Credit Union. The Credit Union may require that a notice
of a change in address be provided in writing.
Notice of Amendments - Except as otherwise prohibited by applicable law,
the terms of this Agreement are subject to change at any time. The Credit
Union will notify you of any changes in terms, rates, or service charges as required by
law. The Credit Union reserves the right to waive any term in this Agreement.
Any such waiver shall not affect the Credit Union’s right to enforce any right
in the future.
Effect of Notice - Any written notice you give to the Credit Union is effective
when it is actually received by the Credit Union. Any written notice the Credit
Union gives to you is effective when it is deposited in the U.S. Mail, postage
prepaid and addressed to you at your statement mailing address. Notice to
any one account owner is considered notice to all owners of the account.
Taxpayer Identification Numbers and Backup Withholding - If your
account is or becomes subject to backup withholding, the Credit Union is
required by law to withhold and pay to the Internal Revenue Service (IRS) a
required percentage of payments of dividends. Your failure to furnish a correct
taxpayer identification number (TIN) or meet other applicable requirements
may result in backup withholding. If you fail to provide your TIN, the Credit
Union may suspend the opening of your account until a TIN is provided.
Contents - The Credit Union provides to you a periodic statement of transactions and activity on your account during the statement period. You understand and agree that statements are made available to you on the date they
are mailed to you and that only one statement is necessary for a multiple
party account. For Share Draft checks, you understand and agree that, when
paid, your original draft becomes property of the Credit Union and may not be
returned to you, but copies may be retained for up to seven (7) years by the
Credit Union or a payable through financial institution and made available
upon your request in accordance with the Share Account Information brochure. If copies are not available, the Credit Union will provide you with
a letter identifying the item and the date that the item was paid.
Examination - The Credit Union will mail periodic statements to you to the
address as shown on the Credit Union records. You are responsible for
examining each statement and reporting any irregularities to the Credit Union.
The Credit Union will not be responsible for any forged, altered or unauthorized items drawn on your account if: (1) you fail to notify the Credit Union
within thirty (30) days of the mailing date of the earliest statement regarding
any forgery, alteration or unauthorized signature on any item described in the
statement; or (2) any items are forged or altered in a manner not detectable
by a reasonable person, including the unauthorized use of a facsimile signature machine. You are in the best position to detect an unauthorized item.
Notice to Credit Union - You agree that the Credit Union’s retention of
drafts does not alter or waive your responsibility to examine your statements
or the time limit for notifying the Credit Union of any errors. The statement
will be considered correct for all purposes and the Credit Union will not be
liable for any payment made or charged to your account unless you notify the
Credit Union in writing within the above time limit for notifying the Credit Union
of any errors.
Inactive Accounts - If you have not made a withdrawal
from, deposit to, or transfer involving your account for more than one (1) year,
the Credit Union may classify your account as a dormant account. Unless
prohibited by applicable law, the Credit Union may impose a service charge for
continuing to process your dormant account as set forth on the Share Account Information brochure. The Credit Union will notify you, as required by law,
at your last known address prior to imposing any service charges. You authorize the Credit Union to transfer funds from another account of yours to cover any applicable service charges. To the extent allowed by law, the Credit Union reserves the
right to transfer the account funds to an account payable and to suspend any
further account statements. If a deposit or withdrawal has not been made on
the account and the Credit Union has had no other sufficient contact with you
within the period specified by state law, the account will be presumed to be
abandoned. Funds in abandoned accounts will be reported and remitted in
accordance with state law. Once funds have been turned over to the state,
the Credit Union has no further liability to you for such funds and if you
choose to reclaim such funds, you must apply to the appropriate state agency.
Special Account Instructions - You may request the Credit Union to
facilitate certain trust, will or court-ordered account arrangements. However,
because the Credit Union does not give legal advice, it cannot counsel you as
to which account arrangement most appropriately meets the specific requirements of your trust, will, or court order. If you ask the Credit Union to follow
any instructions that the Credit Union believes might expose it to claims, lawsuits, expenses, liabilities, or damages, whether directly or indirectly, the Credit Union may refuse to follow your instruction or may require you to indemnify
the Credit Union or post a bond or other protection. Account changes requested by you, or any account owner, such as adding or closing an account
or service, must be evidenced by a new Signature Card and accepted by the
Termination of Account - The Credit Union may terminate your account
at any time without notice to you or may require you to close your account
and apply for a new account if: (1) there is a change in owners or authorized
signers; (2) there has been a forgery or fraud reported or committed involving your account; (3) there is a dispute as to the ownership of the funds in the
account; (4) any share drafts are lost or stolen; (5) if there are excessive
returned unpaid items; (6) if there has been any misrepresentation or any
other abuse of any of your accounts; or (7) if the Credit Union reasonably
deems it necessary to prevent a loss to the Credit Union. You may terminate
any single party account at any time by notifying the Credit Union in writing.
The closing of your account requires that all outstanding indebtedness to the
Credit Union be paid in full. The Credit Union reserves the right to require the
consent of all multiple party account owners for termination of a multiple party
account. The Credit Union is not responsible for payment of any share draft
check, withdrawal, or other item after your account is terminated, however, if
the Credit Union pays an item after termination, you agree to reimburse the
Credit Union for the payment.
Termination of Membership - You may terminate your membership at
the Credit Union after giving notice of your intent to withdraw from membership. In order to terminate your membership, all outstanding indebtedness to
the Credit Union must be paid in full. You may be denied services or expelled
from membership for any reason allowed by applicable law, including causing
a loss to the Credit Union.
Expulsion- A member may be expelled from the Credit Union for nonparticipation in the affairs of the Credit Union, which includes voting in the annual election, purchasing shares from the Credit Union or obtaining loans from the Credit Union. Additionally, any member who fails to maintain the minimum membership share for a period of six months after notification that the requirement is not met is considered to have voluntarily withdrawn membership from the Credit Union.
Death or Incompetence of Account Owner - You agree to notify the
Credit Union if any person with a right to withdraw funds from your account
dies or becomes legally incompetent. The Credit Union may continue to honor
all transfers, withdrawals, deposits and other transactions on the account until
the Credit Union is notified of the member’s death or of a court adjudication of
incompetency. Once the Credit Union is notified, the Credit Union may pay
drafts or honor other payments or transfer orders authorized by the deceased/incompetent member for a period of ten (10) days unless the Credit Union
receives instructions from any person claiming an interest in the account to
stop payment on the share draft checks or other items. You agree that the
Credit Union can require that anyone who claims funds in your account after
your death indemnify the Credit Union for any losses resulting from honoring
that claim. In the event you are adjudicated incompetent by a court order, all
activity on your account will be by court order if the account is a single party
account. This Agreement will be binding upon any heirs or legal representatives of any account owner.
Severability - In the event that any portion of this Agreement is held by
a court to be invalid or unenforceable for any reason, the remainder of this
Agreement shall not be invalid or unenforceable and will continue in full force
and effect. All headings are intended for reference only and are not to be
construed as part of the Agreement.
Enforcement - You agree to be liable to the Credit Union for any loss, cost
or expense that the Credit Union incurs as a result of your failure to follow this
Agreement. You authorize the Credit Union to deduct any such loss, costs or
expenses from your account without prior notice to you. In the event the Credit Union brings a legal action to enforce the Agreement or collect any amount
due under this Agreement, the Credit Union shall be entitled, subject to applicable law, to payment of its reasonable attorney’s costs, including
costs on any appeal, bankruptcy proceedings and any post-judgment collection
actions. In the event a court action is initiated by you or the Credit Union, you
agree to waive the right to jury trial in disputes concerning this account.
Governing Law - This Agreement is governed by the Bylaws of the Credit
Union, federal laws and regulations, the laws, including applicable principles
of contract law, and regulations of the state in which the Credit Union’s main
office is located, and local clearinghouse rules, as amended from time to time.
To the extent permitted by applicable law, you agree that any legal action
regarding this Agreement shall be brought in the county in which the Credit
Union is located.
Unlawful Use of Financial Services - Any financial service provided by
the Credit Union may be used for any transaction permitted by law. You agree
that illegal use of any financial service will be deemed an action of default
and/or breach of contract and such service and/or other related services may
be terminated at the Credit Union’s discretion. You further agree, should illegal
use occur, to waive the right to sue the Credit Union for such illegal activity directly or indirectly related to it. You also agree to indemnify and hold the
Credit Union harmless from any suits or other legal action or liability, directly
or indirectly, resulting from such illegal use.
The Credit Union has established policies and procedures in accordance with the U.S. Unlawful Internet Gambling Act of 2006 (the Act) to prohibit
the processing of payments through the Credit Union for Internet gambling trans- actions. Any attempt to process a payment through the Credit
Union for Internet gambling is restricted by the Act and is a violation of this Membership and Account Agreement.
Claim of Loss - If you claim a credit or refund because of a forgery, alteration, or any other unauthorized withdrawal, you agree to cooperate with the
Credit Union in the investigation of the loss, including giving us an affidavit
containing whatever reasonable information the Credit Union requires concerning your account, the transaction, and the circumstances surrounding
the loss. You will notify law enforcement authorities of any criminal act related
to the claim of lost, missing or stolen checks, or unauthorized withdrawals.
The Credit Union will have a reasonable period of time to investigate the facts
and circumstances surrounding any claim of loss. Unless the Credit Union
has acted in bad faith, the Credit Union will not be liable for special or consequential damages, including loss of profits or opportunity, or for attorneys’
costs incurred by you. You agree that you will not waive any rights you have
to recover your loss against anyone who is obligated to repay, insure, or
otherwise reimburse you for your loss. You will pursue your rights or, at our
option, assign them to us so that we may pursue them. Our liability will be
reduced by the amount you recover or are entitled to recover from these
Credit Reporting - The Credit Union may report information about your
share and loan accounts to credit bureaus. Late payments, missed payments,
or other defaults on your accounts may be reflected in your credit report.
Reopened Accounts - Should your account be closed at any time or
times by withdrawal of the balance of the account, and later re-opened by
you, such re-opened account shall be subject to all of the terms and conditions of this Agreement, whether or not any new Signature Card or other
account agreement is signed.
Last Updated: 11/14